This week I gave a lecture on what a small business needs to do to comply with the new Affordable Healthcare Act. If your business has under 50 employees, the surprising answer is....not much! A business with less than 50 employees is not required to provide health care coverage.
If the employer is covered by Fair Labor Standards Act, then one must provide notification to their employees about the new Health Insurance Marketplace; inform employees that they may be eligible for a premium tax credit if they purchase coverage through the Marketplace and advise employees that if they employee purchase a plan through the Marketplace, they may lose the employer contribution (if any) to any health benefits plan offered by the employer. This notice must also provide to all new employees going forward. To get a copy of the notice you should send, go to the Department of Labor's website.
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way.